Galaxy Digital to Raise $250M for Credit Fund

Credit institution will issue loans to companies affected by the bear market, including ICOs
24 January 2019   727

Galaxy Digital, founded by ex-partner of Goldman Sachs and former top manager of Fortress Investment Group Mike Novogratz, plans to raise $ 250 million under the fund for lending to cryptocurrency companies in difficult situations. This is reported by Business Insider.

New fund will issue loans to companies affected by the bear market, including ICO-startups. Probably, borrowers will be able to mortgage cryptocurrency funds and mining equipment.

Earlier, Novogratz increased its stake in Galaxy Digital to 79.3%, acquiring 7.5 million shares for $ 4.8 million.

Recall that Galaxy Digital is actively involved in financing BlockFi blockchain-startup. In the summer of 2018, the bank invested $ 52.5 million in the company, and in December joined Morgan Creek, Susquehanna, Akuna Capital and Devonshire Investors in the next round of financing for $ 4 million.

New York-based BlockFi offers loans to corporate and private clients, taking their cryptocurrency savings as collateral.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   101

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.